Introduction

Equity Insurance Agency, a subsidiary of Equity Bank, stands as a trailblazer in the Kenyan bancassurance sector. As the first and largest bancassurance customer in Kenya, Equity Insurance Agency has continuously pushed the boundaries of innovation and growth. Partnering with Turnkey Africa since 2007, they have leveraged the TurnQuest Bancassurance platform to achieve remarkable business milestones and solidify their position as a market leader in Sub-Saharan Africa.

Background

Equity Insurance Agency embarked on its bancassurance journey in 2007, aiming to provide comprehensive insurance solutions to its vast customer base across Kenya. As a pioneer in the industry, the agency sought a robust and flexible platform that could support its rapid growth and evolving needs. TurnQuest Bancassurance, a solution by Turnkey Africa, was chosen to fulfill these requirements.

Challenge

Before adopting TurnQuest, Equity Insurance Agency faced several challenges that threatened to hinder its growth:

  1. Scalability Issues: The existing systems were unable to support the agency’s rapid expansion, leading to inefficiencies in operations.
  2. Data Management: The lack of an integrated system made it difficult to capture, classify, and analyze data accurately, impacting decision-making processes.
  3. Regulatory Compliance: Ensuring compliance with local and international regulations was a complex and time-consuming task.
  4. Operational Inefficiencies: Manual processes slowed down underwriting, claims processing, and risk management, affecting customer satisfaction and overall productivity. 
Solution

Equity Insurance Agency implemented TurnQuest Bancassurance platform in 2007, which provided a comprehensive and scalable solution to address their challenges. Key features of the platform included:

  1. Scalability and Flexibility: The platform seamlessly adapted to Equity’s growth from a business volume of 4.3 billion to 8.1 billion, enabling smooth operations during expansion phases in 2007 and 2016.
  2. Integrated Data Management: The platform’s advanced data capturing and classification capabilities allowed Equity to pursue only genuine business opportunities, enhancing accuracy and efficiency.
  3. Regulatory Compliance: TurnQuest’s robust reporting features and integration with Financial Management Systems (FMS) ensured compliance with regulatory standards, minimizing risks.
  4. Operational Efficiency: Automated processes streamlined underwriting, claims processing, and risk management, significantly improving turnaround times and customer satisfaction.
Implementation

The implementation of the TurnQuest Bancassurance platform was a phased approach, ensuring minimal disruption to Equity’s operations:

  1. Initial Rollout (2007): The platform was customized to meet Equity’s specific business needs, focusing on scalability and data management.
  2.  Major Upgrade (2012): Seamless integration from Excel-based systems to TurnQuest ensured no data loss, preserving valuable business information.
  3. Expansion Support (2016-2019): As Equity expanded its branch network from 70 to 210, the platform’s scalability and flexibility proved invaluable, supporting this growth seamlessly.
  4. Innovation and Compliance (2021): The introduction of DMVIC integration ensured certificate authenticity, enhancing trust and business growth. Additionally, the Time on Risk feature optimized risk management and streamlined operations.
Results

The partnership with Turnkey Africa and the utilization of TurnQuest Bancassurance platform resulted in significant achievements for Equity Insurance Agency:

  • Business Growth: The agency’s business volume grew from 4.3 billion to 8.1 billion, supported by the platform’s scalability and flexibility.
  • Market Leadership: Equity solidified its position as a leader in the Sub-Saharan Africa bancassurance market, leveraging TurnQuest’s comprehensive digital layer to expand its reach and enhance competitiveness.
  • Operational Efficiency: The platform’s robust reporting and automation features enabled efficient monitoring of financials, reduced fraud, and improved productivity, contributing to overall business success.
  • Customer Satisfaction: Enhanced customer experience through streamlined processes, accurate data management, and secure payment handling, fostering trust and loyalty among clients.
Conclusion

Equity Insurance Agency’s decade-long partnership with Turnkey Africa has been a testament to the transformative power of the TurnQuest Bancassurance platform. By addressing key challenges and driving innovation, the platform has played a crucial role in supporting Equity’s growth, operational efficiency, and market leadership. The success story of Equity Insurance Agency serves as a powerful example of how Turnkey Africa’s solutions can empower businesses to thrive in the competitive bancassurance landscape.